https://www.taxtmi.com/caselaws?id=57434 Under Mahomedan law, a registered gift by a father in favour of his minor sons was treated as valid without physical delivery of possession, because a bona fide intention to divest ownership and place possession with the minors' guardian was sufficient. The instrument was characterised as an outright gift rather than a family arrangement, and a later unilateral declaration of revocation was ineffective to undo a completed gift. On valuation, the gift-tax assessment was to be aligned with the finally determined wealth-tax value if that figure was lower, requiring limited recomputation of the assessment. en-us Mon, 19 Dec 1988 00:00:00 +0530 Fri, 10 Dec 2010 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57434 Under Mahomedan law, a registered gift by a father in favour of his minor sons was treated as valid without physical delivery of possession, because a bona fide intention to divest ownership and place possession with the minors' guardian was sufficient. The instrument was characterised as an outright gift rather than a family arrangement, and a later unilateral declaration of revocation was ineffective to undo a completed gift. On valuation, the gift-tax assessment was to be aligned with the finally determined wealth-tax value if that figure was lower, requiring limited recomputation of the assessment. Case-Laws Income Tax Mon, 19 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57434